US$4 billion casino to break ground in Hoi An

The construction of the projected Nam Hoi An Casino Resort will begin in Vietnam on April 23.

Vietnam.- On April 23, the construction of the Nam Hoi An Casino Resort will begin in the UNESCO heritage city of Hoi An located in the central Quang Nam Province of Vietnam.

The project will become Vietnam’s second largest casino resort with a total investment of US$4 billion. The development’s first phase will cost US$500 million and cover an area of 160ha.

Do Xuan Dien, head of the management board for the Chu Lai Open Economic Zone said the project received an investment certificate in 2010, but the construction was delayed, especially after Genting Malaysia Berhad, member of Malaysian Genting Group, announced it would withdraw from the project in September 2012.

After this decision, the remaining investors found it difficult to mobilise funds for the project. Last year though, the latest co-investors were identified, the Chinese firms Chow Tai Fook from Hong Kong and Sun City from Macau.

VinaCapital one of the project’s major stakeholders, said that it would co-operate with Chow Tai Fook and other co-investors to set up a plan to raise capital, adding that the company would increase its investment capital from 22.5 percent to 32 percent.